IDMA to Focus on Rough Diamond Market at WDC
June 30, 10
The International Diamond Manufacturers Association (IDMA) has said that developments in the rough diamond market and the way they affect business will be at the top of the agenda at the upcoming World Diamond Congress. Also up for discussion is the outcome of the recent intersessional Kimberley Process meeting held in Tel Aviv, which ended without any decision being taken regarding diamonds from Marange in Zimbabwe.
"In Moscow, we will take a good look at the difficult position of diamond manufacturers in the supply pipeline. On the one hand, we continue to buy rough diamonds for cash payments, while on the other our clients continue to demand we provide them with favourable, long-term credit for the polished goods we produce," said IDMA president Moti Ganz.
He also said that diamond manufacturers are determined to phase out their traditional role as those who bear the brunt of the financial burden in the diamond supply pipeline. "The recent economic crisis has driven home the message that the financing structure of the diamond supply pipeline needs to change and that its burden must be carried by all parties throughout the pipeline and not only by the manufacturers."
Regarding the situation in Zimbabwe, Ganz said, "The untenable situation in the Marange diamonds fields will be part of our intensive discussions during the congress. At this point in time, we can only hope that the government of Zimbabwe will refrain from making any diamond shipments until all parties are in agreement."
Other topics of discussion at the congress will be the lack of a generic diamond advertising campaign, and the delay in getting the International Diamond Board (IDB) off the ground. "We sincerely hope that in Moscow, the IDB will become a reality," Ganz concluded.
Speakers at the congress include international diamond industry analyst Chaim Even-Zohar, who will present an overview of the rough diamond market; Dione Kenyon, president of the U.S. Jewelers Board of Trade (JBT), who will address the issue of credit in the jewelry industry; Sergey Oulin, president of the Russian Diamond Chamber and the host of 34th WDC and Matt Runci, president of Jewelers of America (JA) and the Responsible Jewelry Council (RJC).
The 34th World Diamond Congress will take place in Moscow between July 11 and July 13.